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<Research>UBS Lifts WHARF REIC (01997.HK) TP to $23, Keeps Rating at Neutral as LT Headwinds Remain
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With the recent stabilization of Hong Kong's retail sales, the stock price of WHARF REIC (01997.HK) has risen by 13% YTD, according to UBS' research report. UBS believed that, driven by the decline in HIBOR, the market has already factored in the recent stabilization of retail sales and the rebound in earnings (expected to range between 2-9% in 2025-2026). However, long-term resistance persists, mainly due to the rebound in outbound travel by locals; more convenient tax refund arrangements in China; and intensified competition in high-end malls. Therefore, the broker kept rating at Neutral for WHARF REIC, and lifted its target price to $23. Based on the HIBOR assumption, UBS lifted its 2025-2027 EPS estimations for WHARF REIC by 4-8%, believing that Hong Kong's retail sales are unlikely to record strong growth in 2025 and 2026. The broker maintained a cautious attitude, and predicted retail sales to remain nearly flat over 2025 and 2026. AASTOCKS Financial News Website: www.aastocks.com |
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